The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

Russian Direct Investment Fund (RDIF) and GE to Develop Joint Projects in Energy Sector

Tuesday, June 18, 2013

Russian Direct Investment Fund (RDIF) and GE to Develop Joint Projects in Energy Sector

11:31 EDT Tuesday, June 18, 2013

MOSCOW, June 18, 2013 /PRNewswire/ --

The Russian Direct Investment Fund (RDIF) and General Electric (NYSE:GE) will sign a Memorandum of Understanding to create a joint venture (JV) for the construction of mini power plants for manufacturing companies across Russia. The Memorandum will be signed at a ceremony on June 21st by Ron Pollett, GE President and CEO for Russia and CIS countries, and Sean Glodek, RDIF Director, at the Saint-Petersburg International Economic Forum. Jeff Immelt, GE Chairman and CEO, and Kirill Dmitriev, RDIF CEO, will also attend the signing.

     (Logo: http://photos.prnewswire.com/prnh/20130215/594798 )

Growing demand for individual electric power generation systems in Russia has been driven by growth of the industrial sector. The joint project will focus on the production of low power co-generation systems (up to 25 MW) to meet growing demand for energy from infrastructure projects in the Russian regions.

These systems are independent from the federal power grid and serve customers' needs by directly supplying energy without the need to construct transmission lines, reducing the risk of power cuts.

With rising energy prices, increasing energy consumption and tougher environmental requirements for industrial facilities, combined heat and electric power systems have taken on a greater role.

Ron Pollett, President and CEO, GE in Russia and CIS, said, "This memorandum confirms our commitment to work together to develop state-of-the-art power supply solutions for industrial facilities in Russia. Autonomous electric power systems using innovative GE equipment offer considerable economic benefits and comply with the most up-to-date environmental requirements. We expect that this collaboration will allow us to expand our geographic footprint, helping to modernize Russia's industrial infrastructure."

Kirill Dmitriev, CEO, Russian Direct Investment Fund (RDIF): "The partnership between RDIF and GE will demonstrate how innovative global technologies in energy can be used to develop advanced power generation systems in Russia. Most importantly, the joint project will help provide electricity to small manufacturing companies located across the country."

GE works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and the home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. Further information at http://www.ge.com

The Russian Direct Investment Fund (RDIF) was established in June 2011 to make equity investments primarily in the Russian Federation. RDIF's management company is a 100 per cent subsidiary of Vnesheconombank. In each investment it makes, RDIF is mandated to secure co-investment that as a minimum matches its commitment, thus acting as a catalyst for direct investment into the Russian economy. Further information at http://www.rdif.ru

Contact person for more information: Maria Medvedeva, Press Secretary of RDIF Mobile phone: +7-964-726-1773 E-mail: mm@rdif.ru

Hudson Sandler Andrew Hayes/ Maria Ignatova/ Elena Kuza/ Charlie Barker Tel: +44-(0)20-7796-4133

SOURCE Russian Direct Investment Fund

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections